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The co-founder of Samourai Wallet, Keonne Rodriguez, was given the maximum prison time this week after his guilty plea in a US federal case linked to tools that allowed Bitcoin users to attempt to conceal their transactions.

According to court filings, the sentence aims to close a chapter that began with an indictment unsealed in April 2024.

Pleas And Sentencing Dates

According to court documents, Rodriguez pleaded guilty in mid-2025 to running an unlicensed money transmitting business. The plea did not encompass all counts within the original indictment but did result in the scheduling of a sentencing hearing.

On November 6, 2025, a judge imposed the longest prison term of five years sought by prosecutors for that count. His co-founder, William Lonergan Hill, faces related proceedings after being arrested overseas; extradition efforts are underway.

Defense: He lived in a $250,000 home in Harmony, PA unlike SBF. He’s an engineer. He’s a warm family man. Keonne Rodriguez: I agree with what my counsel said. My letter, I wanted it to be personal. I’ve been silent for 18 months. I wanted to bring my story to you

— Inner City Press (@innercitypress) November 6, 2025

Samourai Wallet: Allegations And Figures

According to the Department of Justice, Samourai Wallet and associated services processed approximately $2 billion in transactions that the government says included funds tied to illegal activity.

Prosecutors say that more than $100 million of criminal proceeds were laundered through features allowing users to mix or route coins via extra hops.

The tools at the center of the case — known as Whirlpool and Ricochet — were repeatedly mentioned in filings as methods that made tracing funds difficult. The government also said the founders marketed these features in ways they said appealed to bad actors.

Records show the charge of unlicensed money-transmitting business carries up to five years in prison. The federal probation office had suggested a term below that, recommending about 42 months, but prosecutors asked the court to impose the full five-year sentence.

Those figures were based on court documents and public statements by the US Attorney’s Office in the Southern District of New York.

Charges Narrowed, Questions Remain

Reports have identified that the defendants did not plead guilty to each of the counts in the original complaint, with the plea agreement leaving some counts unresolved.

That has left defense lawyers and outside experts focusing on what the case means for software developers and privacy tools that operate in the cryptocurrency space.

Legal filings reflect a complex combination of criminal allegations and regulatory questions, and in various hearings, both parties used technical and legal arguments.

Legal And Community Reactions

The sentence has drawn sharp takes from different corners. Privacy advocates warn that criminal penalties aimed at developers could chill open-source work and set new limits on tools used by ordinary people to protect their financial privacy.

Featured image from Unsplash, chart from TradingView

Early in November, Bitcoin (BTC) went as far as slipping beneath its $100,000 psychological support, reaching about $98,900 before reclaiming its six-figure valuation. While this may suggest the predominance of a bearish sentiment among its investors, a recent on-chain evaluation has surfaced, explaining why the Bitcoin price might soon experience a major reversal.

Binance Sees Increased STH Activity; Triggers Liquidation Cascade

In a recent QuickTake post on CryptoQuant, on-chain analyst Amr Taha reveals a sudden shift in Bitcoin retail activity on the Binance network. Taha’s report dwells on the ‘[Bitcoin] LTH/STH Buy/Sell Binance’ metric, which tracks buying and selling activity on Binance, distinguishing between Long-Term Holders (LTHs) and Short-Term Holders (STHs). 

Taha points out that as of the 3rd and 5th of November, Binance recorded a significant increase in the selling activity of Bitcoin’s STHs, especially from holders known as “clown wallets”. About 251 BTC flowed into Binance on the 3rd of November, while an even greater amount of BTC, approximately 517, was sent to Binance on the 5th of this month.

Owing to these STHs’ usual inclination to panic, their positions often serve as liquidity to the cryptocurrency’s long-term holders who grab the chance of accumulation amid a fear-driven retail market.

 

On another hand, the analyst highlights results from the BTC: Binance Liquidation Delta, a metric that measures the difference between long and short liquidations on Binance, thereby revealing if more long or short positions are being forcefully closed. 

According to Taha, most of the recent liquidations appear to be long positions that were both entered too late into the Bitcoin cycle, and with high leverage. These positions were forcefully closed within the $107,000-$100,500 range, triggering what is commonly known as a long squeeze. For context, a long squeeze is a series of sales that follows after traders with overleveraged long positions are threatened, or have been wiped out. 

Although a long squeeze typically causes the price to drop swiftly, it poses no significant issue to a cryptocurrency’s long-term investors. As a result, Bitcoin’s long-term holders have historically seen these events as accumulation chances, thereby standing as a soft cushion against the sharp nosedive the cryptocurrency’s price may be seeing. If historical trends were to recur, BTC may soon reach its price bottom, after which an accumulation and possible price expansion may ensue.

BTC Price Overview 

At the time of writing, Bitcoin holds a valuation of about $103,500. The cryptocurrency has seen a 24-hour growth of more than 2%, per data from CoinMarketCap.

The Dogecoin and Shiba Inu prices are down today after a brief rebound yesterday. Crypto pundit Nobler has suggested that these price declines are due to price manipulation rather than a wave of sell-offs among investors. 

Why The Dogecoin and Shiba Inu Prices Are Down

CoinMarketCap data shows that the Dogecoin and Shiba Inu prices are on the decline today, following significant gains yesterday. In an X post, Nobler stated that Binance, Wintermute, and BlackRock were all selling Bitcoin ahead of the Federal Reserve’s announcement. This explains the DOGE and SHIB decline given the meme coins’ correlation with the flagship crypto. 

Nobler alleged that these firms have sold over $1.5 billion in Bitcoin and continue to sell more. The pundit added that there was too much market manipulation. Bitcoin is currently struggling to hold above the $100,000 level, which has sparked a bearish sentiment towards the Dogecoin and Shiba Inu prices. 

The Dogecoin price is currently trading way below the psychological $0.2 level, while the Shiba Inu price continues to underperform, down over 53% since the start of the year. The foremost meme coins are also at risk of a further decline, with speculations that the crypto market might already be in a bear market.

Market maker Wintermute recently claimed that liquidity has stopped flowing into the crypto market, which is why the bull market has halted while the Dogecoin and Shiba Inu prices decline. The market maker further noted that momentum in stablecoins, ETFs, and digital asset treasuries (DATs) has slowed, highlighting a liquidity drain in the market. 

Notably, companies such as CleanCore and Bit Origin had accumulated DOGE earlier in the year but have since slowed their purchase of the foremost meme coin. Meanwhile, Santiment data also showed that there has been a drop in DOGE and SHIB whale transactions, which also explained the decline in the Dogecoin and Shiba Inu prices. 

Macro Target For DOGE Still Remains $1

Despite the recent decline in the Dogecoin price, crypto analyst XForce stated that the macro target for DOGE remains between $1 and $2, which would mark new all-time highs (ATHs) for the foremost meme coin. He noted that DOGE has arguably been one of the best idealized Elliot wave 5-wave structures on the macro up to the wave 4 termination point. 

Furthermore, XForce remarked that the only bullish option left will be observed as an Expanding Ending Diagonal, as impulsive options are now off the table. Meanwhile, crypto pundit SHIB Booster stated that the Shiba Inu price could rally soon as tokens from last bull season are now recording significant gains. The pundit added that a small wave of momentum could send the SHIB price back toward the mid-range, around $0.00001603.

The Decentralized Autonomous Organization (DAO) behind troubled DeFi protocol Balancer has issued a notice to the wallet behind a $128 million heist of the money maker project. The Balancer DAO is requesting that the hackers cooperate to resolve the situation or face an escalation in any form necessary.

Related Reading: Ripple CLO Sees ‘Skinny’ Fed Account As Solution To Banking Concerns, Touts Benefits Balancer To Hacker: Take Bounty Or Risk Persecution 

On Monday, Balancer suffered a major security breach resulting in the loss of assets worth over $100 million. According to the report by the protocol’s development team, the attack affected the balancer V2 composable stable pools, which were outside the pause window due to their long-standing live on-chain period. 

Bitcoinist reported that the hackers deployed a malicious contract targeting at altering vault calls during these pools’ initialization and eventually dodging security protocols to steal about $70 million in Ethereum, among other assets. 

In an X post on Friday, the Balancer DAO, which serves as the protocol’s governing body, shows its efforts in reaching out to the hacker’s wallet via a blockchain message. The DAO is presenting an opportunity for an amicable settlement without any escalation or legal involvement. 

The DAO said:

We understand this wallet is linked to the exploit of Balancer V2 Composable Stable Pools on Nov 3rd. We are treating this as an opportunity for cooperation and would prefer to resolve this without escalation.

If you are willing to cooperate, reply to this message and begin contact procedures before November 8th, 21:00 UTC. If we do not hear from you by that time, we will assume you are unwilling to help make the liquidity providers whole and will escalate our response.

Notably, the message also includes an offer of a bounty, which allows the hacker to keep a percentage of the loot legally. 

The DAO added: 

We would like to extend you an offer: return the funds to the DAO multisig address in exchange for a bounty. The details of this offer shall be arranged privately. Upon verification that the returned funds meet the criterias, Balancer will not pursue legal action or investigative steps aimed at identifying or prosecuting the owner of the returning wallet that are based solely on the fact of the return.

With no reply by the specified deadline, the governing body intends to employ all technical, on-chain, and legal means to identify the attacker and initiate a persecution. Interestingly, they have also warned that the bounty offer will be given as a reward to any potential informant with relevant information on the attackers.

BAL Price Overview

At the time of writing, BAL, the native token of Balancer, is now trading at $0.8547 following a 4.54% gain in the last day. However, the negative sentiment surrounding the recent hack amid a broader market correction is reflected in its weekly loss of 13.26%. 

Featured image from Securities.io, chart from Tradingview.com

Bitcoin’s mining industry is feeling growing strain as the key profitability gauge, hash price, slides toward levels that could push smaller operators offline and put pressure on mining equipment providers and service partners.

Hash Price Nears Danger Level

According to industry reports, hash price — the expected daily revenue per unit of computing power — is about $42 per PH/s today, down from above $62 per PH/s in July.

That dip toward the $40 mark is forcing some smaller and less efficient miners to weigh powering down their rigs. Reports have disclosed that when revenue falls this far, operators with thin margins can no longer cover power and maintenance bills.

Hardware makers and hosting firms are being affected. Orders for machines have slowed, and any income tied to Bitcoin has lost value after the market slide in October.

Some manufacturers have started mining with their own machines to offset weaker customer demand. Bitdeer and similar firms have been reported to expand self-mining operations to fill gaps in sales.

Miners Move Into AI Compute

High capital costs and steady increases in hashrate make running ASIC farms tougher, especially after the April 2024 halving cut the block reward to 3.125 BTC.

Back in 2009, the block reward was 50 BTC and people could mine with CPUs. Today, only specialized hardware makes mining viable for most operators. That shift has pushed some companies to convert capacity into general compute for AI workloads.

Based on reports, big deals show the trend is real. Cipher Mining signed a $5.5 billion, 15-year deal to supply compute power to Amazon Web Services in October.

IREN later agreed to provide GPU services to Microsoft in a contract valued at $9.7 billion. These moves are meant to bring steady revenue when Bitcoin mining profits shrink.

Market Slump Adds To Miner Stress

Bitcoin’s price weakness has compounded the problem. The token briefly fell below $100,000, trading as much as 20% below the October 6 high of above $126,000.

Analysts point to heavy selling by long-term holders: since late June, net sales from that group have topped 1 million bitcoin, according to Compass Point analyst Ed Engel.

A large liquidation of leveraged positions on Oct. 10 also shook the market and knocked out support levels near $117,000 and $112,000.

Markus Thielen, founder and CEO of 10X Research, said the market’s failure to reclaim key levels suggests bearish conditions, and his firm maintains that bitcoin could still fall further before a bottom appears.

His team had earlier forecast a drop to $100,000 and now says a buyable bottom may be “a few weeks away.”

Featured image from Pexels, chart from TradingView

The recent crypto market downturn triggered a sharp decline in the Dogecoin price that saw it erase its gains from prior days. However, this move has also exposed a critical level that the cryptocurrency must hold if there is to be any hope of a recovery. As with any critical support level, holding above it with momentum has its upsides, but also, breaking below it could have some dire consequences for Dogecoin holders, who are already seeing a lot of losses.

Why Dogecoin Price Must Hold $0.15

In a shared post on TradingView, crypto analyst The Alchemist Trader highlighted how the Dogecoin price is now facing critical support just above $0.15. This level has held through the last drawdown as buyers seem to have chosen this level to stage their defense. However, the meme coin is still not out of the woods, making the next moves all the more important.

The analyst explained that the last recovery attempt stopping so abruptly was a testament to the lack of bullish momentum. Given this, it is possible that bears might push the Dogecoin price back down enough to actually revisit the $0.15 level, and here, the strength of the support would be tested once again.

With the Dogeocin price still holding above $0.15, it points to some bullish sentiment that still remains. The Alchemist Trader also added that it is keeping the meme coin within a broader range, and this means that there is still the potential that the price will recover.

If the cryptocurrency is able to hold $0.15, bouncing off with momentum, then it could maintain its short-term bullish structure. A bounce could see it rise by more than 20%, with the next major resistance lying at the $0.2 level that has been a hurdle in the past.

What Happens If Support At $0.15 Fails?

The support at $0.15 is currently the level holding the Dogecoin price from crashing further. Therefore, if this level fails to hold, then it means that the digital asset risks a deeper decline from here. As the analyst’s post highlights, the Dogecoin price is already suffering from a weak rebound and declining volume.

These two factors suggest that Dogecoin is in a phase of consolidation, which is historically a very volatile phase for any cryptocurrency. So, a break below this level could see the price crash further to fill the wick from the October 10 crash. “If Dogecoin maintains its footing above $0.15, a gradual rotation toward $0.20 is likely, but a clean break below support could trigger a deeper correction in the short term,” the analyst explained.

American bankers are urging the US Treasury Department to enforce the prohibition on interest for payment stablecoins in the GENIUS Act. In response, cryptocurrency exchange Coinbase, has called on the Treasury to ensure that the forthcoming regulations align with Congress’s original intentions regarding the act.

Coinbase Pushes Back On GENIUS Act’s Interest Restrictions

According to the bill, signed by President Trump back in July, “No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding, use, or retention of such payment stablecoin.” 

However, companies like Coinbase are exploring a potential loophole that they believe allows them to continue offering yields on stablecoin deposits. They argue that since these platforms are not the issuers of the stablecoins, the prohibition does not apply to them.

Coinbase’s letter to the Treasury was a direct response to an advanced notice regarding the GENIUS Act’s implementation. In this letter, dated November 4, Coinbase argued that interpreting third-party rewards or loyalty programs as prohibited “interest” would fundamentally alter the intent of Congress and contradict the statute’s text and purpose. 

The letter warned that any misinterpretation of the GENIUS Act could harm consumers by eliminating market-based incentives that reduce payment costs, encourage merchant acceptance, and assist new users in adopting regulated US stablecoins.

Banking Sector Unites Against Stablecoin Interest

The response from the banking sector was robust, with the Consumer Bankers Association, the American Bankers Association, the Bank Policy Institute, the Financial Services Forum, and The Clearing House Association collectively representing the interests of American banks. 

They asserted that Congress intended the prohibition on stablecoin interest to be broadly interpreted. Their letter indicated that any interest or yield payments that the GENIUS Act prohibits should encompass any economic benefits provided by issuers, directly or indirectly, including those through affiliates or partners. 

They cautioned that allowing stablecoin interest would effectively transform these digital assets into investment products, which could lead consumers to perceive stablecoins as akin to bank accounts, potentially resulting in a “deposit flight” that threatens banks’ ability to generate credit.

Beyond concerns related to interest payments, Coinbase also raised issues regarding the taxation of stablecoins. The firm argued that stablecoins should be classified as pure payment instruments for tax purposes, rather than as forms of debt or investment. 

They posited that treating payment stablecoins as debt would introduce unnecessary complexity into the financial system. Instead, Coinbase advocated for these stablecoins to be considered cash equivalents, which would simplify their tax treatment and support their intended use as payment mechanisms.

Featured image from DALL-E, chart from TradingView.com

Самая большая экзистенциальная угроза биткоину, связанная с расшифровкой криптоалгоритмов RSA, может быть реализована намного быстрее ожидаемого, заявил криптоаналитик и основатель инвестиционной компании Capriole Invest Чарльз Эдвардс (Charles Edwards).

The price of Bitcoin is trading just below $103,000 after falling by 16% over the past month, and even the market’s most optimistic believers are tempering expectations. 

ARK Invest CEO Cathie Wood, known for her bold projections for Bitcoin, said during an interview on CNBC’s Squawk Box that she has revised her bullish Bitcoin price target downward by $300,000, citing the rapid rise of stablecoins as the main reason for the adjustment.

Stablecoins Taking Over Part Of Bitcoin’s Role

Wood explained that stablecoins are fulfilling a function she and her team initially believed Bitcoin would dominate, i.e., serving as a financial tool for emerging economies. She noted that stablecoins have become the preferred digital assets in many markets. According to her, this trend has expanded far more quickly than anyone expected, leading ARK Invest to trim its long-term bullish projection for Bitcoin by $300,000. This brings down the Bitcoin projection from $1.5 million by 2030 to about $1.2 million.

Wood said the firm’s models now recognize that stablecoins are scaling faster than anticipated. In her words, “stablecoins are scaling here much faster than anyone,” and their growth is effectively taking a slice of the market Bitcoin was once expected to capture.

Gold, Institutions, And The Bigger Picture

When asked if gold is factored into her forecast, Wood explained that the $300,000 reduction assumes all other things being equal, and gold continues to grow the way it is. 

However, since gold has also doubled in value since ARK Invest’s initial Bitcoin forecast, the comparison has become more nuanced. She reiterated that Bitcoin’s investment case remains intact because it is both digital gold and a technological innovation forming the foundation of a global monetary system.

Wood noted that Bitcoin is the “lead in a new asset class” while distinguishing stablecoins as digital cash equivalents. The relationship between gold, stablecoins, and Bitcoin represents what she described as a dynamic interplay of “puts and takes.” Despite trimming her price forecast, Wood stressed that ARK is fundamentally bullish on Bitcoin’s long-term potential.

Even as ARK Invest moderates expectations, Wood highlighted that institutional interest in Bitcoin and blockchain-based payment systems is still at an early stage. She noted that large financial players are only beginning to test the waters, with early experiments in new payment rails and digital asset integration just beginning to take shape.

For Wood, this early stage of institutional involvement is the first of a long runway for Bitcoin’s growth. Despite the current short-term market weakness and competition from stablecoins, she also maintained her belief in Bitcoin’s technological role as the lead in a new asset class.

“We have just started,” she said, adding that there is still “a long way to go.”

At the time of writing, Bitcoin is trading at $102,413, up by 1% in the past 24 hours but down by 7% and 16% in the past seven and 30 days, respectively.

Featured image from Unsplash, chart from TradingView

Биткоин следует траектории эволюции золота, и правительства неизбежно заинтересуются первой криптовалютой из-за ее ценности, заявил основатель Jan3 Самсон Моу (Samson Mow) на форуме Plan ₿ 2025 в Луганo.

После нескольких раундов объем первичного размещения привилегированных акций (IPO) Strategy, деноминированных в евро, был увеличен до 620,0 млн евро ($715 млн), заявили в компании.

Организация Balancer Decentralized Autonomous Organization (DAO), стоящая за взломанной в понедельник децентрализованной биржей Balancer, через блокчейн отправила хакерам «последнее предупреждение» с угрозой «принять все необходимые меры».

Аналитики компании Santiment сообщили, что в то время как розничные инвесторы продолжают закупки биткоинов, «криптокиты» начинают продавать свои запасы, и это тревожный знак для всего крипторынка.

Согласно исследованию, проведенному Ассоциацией альтернативных инвестиций (AIMA) совместно с компанией PwC, 55% традиционных хедж-фондов в 2025 году имеют доступ к цифровым активам, тогда как в отчете от 2024 года сообщалось о 47%.

My First Bitcoin (MFB) has announced it is rebranding to start a new chapter in its independent BTC education initiative. The organization shared significant changes to its mission’s approach as part of its strategy for global transition.

From El Salvador To The World

Non-profit organization My First Bitcoin has announced its official transition from offering local BTC education and support to providing tools and resources to educators worldwide.

MFB, also known as Mi Primer Bitcoin, was founded in El Salvador in 2021 and focuses on independent BTC education with various programs. In early 2022, the organization launched its BTC Diploma program to facilitate education on multiple Bitcoin-related topics, including fiat money, BTC’s history, and the challenges of the flagship crypto’s different facets.

The program has reportedly reached over 27,000 students over the past few years, most of whom are located in El Salvador. Meanwhile, the 2023 workbook has been translated into 23 languages and independently taught from South America to Asia.

Now, MFB revealed that it seeks to continue its project with a global approach. The organization shared that it is retiring its local name, Mi Primer Bitcoin, and officially rebranding to the English version.

Additionally, the team has reportedly been restructured with new roles and directors added. As part of the shift, the organization will also close its physical office in El Salvador and move to a fully remote, globally distributed structure.

“Our ambition was always to change the world, but we had to start with a single student, then a single city, then a single nation and now we are ready to raise the potential impact from 6 million people to 8 billion,” MFB’s founder, John Dennehy, stated.

My First Bitcoin’s New Focus

Despite the shift, MFB affirmed that it will stay grounded in its mission. Dennehy noted the significant scale jump of the organization’s mission, adding that they will be “focusing on empowering educators and projects everywhere, rather than trying to do it ourselves.”

The new focus seeks to teach the teachers, “creating the tools, systems, and guidance for everyone that wants to start their own Bitcoin education initiatives: circular economies, meetups and community builders.”

According to the announcement, the team will transition into a “more facilitating role,” doubling down on “building and improving new and existing curricula for all audiences.”

MFB shared that it is stepping back from its weekly and monthly meetups in El Salvador, which will now be owned and run by a collective of local projects. Moreover, the organization unveiled that its Public School Program in El Salvador had ended.

In 2023, the non-profit started collaborating with El Salvador’s Ministry of Education to promote adoption and financial empowerment locally, aiming to introduce the BTC diploma curriculum to the country’s public educational system in 2024.

Lastly, the organization will make the expansion of its Independent Bitcoin Educators Node Network a focal point of the new approach. The Node Network was launched in 2023, aiming to provide a space for people to join MFB’s mission. The self-governing network spans over 70 projects from 38 countries.

“We want to help others get started and be successful in their own communities, then link everyone together to create a global movement,” MFB’s founder concluded.

On-chain data shows a humongous amount of old Bitcoin saw revival in 2025. Here’s how the year stacks up against previous ones.

5+ Year Old Bitcoin Revived Supply Broke $52 Billion This Year

As explained by on-chain analyst Checkmate in a new post on X, 2025 has seen a large amount of old tokens come back to life. Coins are considered to be “old” when they are dormant (that is, not involved in any transaction on the blockchain) for at least 5 years.

There are different bands these old tokens can be further divided into. The youngest band is the 5 to 7 years range, containing buyers from the last two BTC cycles who are resolute enough to still not have sold their coins.

The middle band corresponds to an age of 7 to 10 years old. At this range, there is a real chance that coins entering the cohort are doing so by becoming lost, rather than through “HODLing.” Finally, there is the 10+ years band, reflecting the truly ancient BTC supply.

In 2025 so far, the three cohorts have made movements worth (from youngest to oldest): $22.7 billion, $16.2 billion, and $13.3 billion. In total, over $52 billion in old supply broke dormancy this year. Below is the chart shared by Checkmate that shows how previous years compared.

As is visible in the graph, 2024 was the only year that surpassed this year in terms of total 5+ years old revived supply, although 2025 isn’t over yet so it may well surpass it by the end of December.

Interestingly, an old supply band that 2025 has already overtaken 2024 in this metric is the 10 years+ cohort. This means that this year Bitcoin saw the most amount of ancient supply come alive. The analyst has noted that $9.5 billion of these tokens have come from a single holder with 80,000 BTC.

In some other news, a large amount of liquidations have hit the cryptocurrency derivatives market as a result of the volatility that Bitcoin and others have gone through.

As data from CoinGlass shows, $686 million in liquidations have taken place over the last 24 hours.

Long contracts have outweighed short ones in liquidations in this period, as a result of volatility being to a net downside. More specifically, the bullish flush has amounted to $363 million, while the bearish one to $318 million.

Short liquidations have still been of a significant amount since down isn’t the only way the market has gone. Bitcoin initially fell below $100,000, before recovering back to the current level.

In terms of the individual assets, BTC-related contracts contributed the most toward the squeeze with $231 million in liquidations, while Ethereum came second at $165 million.

BTC Price

At the time of writing, Bitcoin is floating around $101,500, down nearly 8% in the last seven days.

Bitwise Asset Management signaled this week that a spot Dogecoin ETF could become effective in late November, with a possible launch date of November 26, 2025, if regulators do not intervene.

Based on reports, the firm changed its filing to remove a delaying amendment, which starts a clock that could make the registration effective automatically after a set window.

Automatic Effectiveness Could Trigger Launch

The filing change relies on a mechanism allowed under Section 8(a) of the US Securities Act. Reports say that removing the delaying language starts a 20 calendar-day countdown.

If the US Securities and Exchange Commission does not act during that period, the registration could become effective around November 26, 2025. That is why several outlets have used that specific date when describing the move.

Bloomberg ETF analyst Eric Balchunas said in a post on X (formerly Twitter) that Bitwise has taken out the “delaying amendment” from its S-1 filing.

Looks like Bitwise is doing the 8(a) move for their spot Dogecoin ETF, which basically means they plan on going effective in 20 days barring an intervention. pic.twitter.com/y8jyxbYKXQ

— Eric Balchunas (@EricBalchunas) November 6, 2025

Custody And Structure Details Provided

According to the prospectus excerpts cited in multiple reports, the fund would hold actual Dogecoin — not futures contracts. Custody arrangements listed include Coinbase Custody Trust Company, LLC for DOGE and BNY Mellon for cash holdings.

The ETF’s net asset value would be tied to the CF Dogecoin-Dollar Settlement Price, the filing shows. Reports also indicate the product is expected to list on NYSE Arca, though a final ticker symbol and fee schedule have not been published.

Regulatory Roadblocks Remain

Even with the 20-day clock ticking, approval is not guaranteed. The SEC can step in during that window to delay or require further disclosures, and officials have done so in other cases. Market participants also note that an effective registration is only one step.

Exchange listing mechanics, market-maker arrangements and custodial confirmations can affect when shares actually begin trading. As a result, an effective date and a trading launch date may differ.

Market Context And What It Could Mean

A spot ETF for Dogecoin would be a continuation of a wave of spot crypto products that have sought to gain access to mainstream distribution. Reports indicate the move signifies heightened institutional demand to expand regulated access to altcoins in addition to Bitcoin and Ethereum.

Still, the filing itself warns of usual risks: token price swings, liquidity concerns and competition from other funds. No specific expense ratio or seed capital figures were disclosed in the filings cited by the press.

Public statements from the SEC, formal confirmation of the effective date on regulatory filings, and notices from NYSE Arca are expected to outline the next steps. Details such as the ETF’s ticker symbol, expense ratio, and participation from market makers are likely to surface as the launch process continues.

Featured image from WallpaperCG, chart from TradingView

Kazakhstan is set to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion, primarily utilizing assets that have been seized and repatriated from abroad. 

Central Bank Governor Timur Suleimenov announced the initiative during an interview with Bloomberg in London, stating that the fund would focus on investments in exchange-traded funds (ETFs) and shares of companies involved in the sector, rather than holding digital assets directly.

State-Run Crypto Asset Fund

During the interview, Suleimenov expressed confidence that the fund would be operational by the end of the year or early January. He emphasized that the investment strategy would be cautious, steering clear of direct crypto exposure. 

Kazakhstan’s Deputy Chairman of the National Bank, Berik Sholpankulov, further clarified the government’s strategy, revealing that they are considering using some of the National Fund’s assets, as well as gold and foreign exchange reserves, for investments linked to crypto assets. 

Sholpankulov noted that any such investment activities would be managed exclusively through a state-run digital asset fund, which is currently under discussion.

The National Bank’s Deputy Chairman detailed that confiscated cryptocurrency assets would be allocated to this state digital asset fund, where they will serve as a strategic reserve for the government. 

Additionally, he mentioned a proposal from the Ministry of Digital Development to allow state-owned mining companies to provide energy to private mining operations in exchange for payment in virtual currencies.

According to the National Bank, the assets of the National Fund increased by $990 million in September compared to August, reaching a total of $62.7 billion. Concurrently, gold and foreign exchange reserves also saw a rise, with gold reserves growing to $39.7 billion, despite a decline in foreign exchange assets.

Kazakhstan Eyes Regulated Digital Asset Landscape

This initiative comes on the heels of the National Bank’s approval of a concept to create a national reserve of crypto assets, which will be managed through a new subsidiary focused on alternative investments. 

The government is also exploring the establishment of licensed crypto banks and a national cryptocurrency exchange to foster a regulated environment for digital asset trading in Kazakhstan.

Over the past few months, authorities have cracked down on illicit cryptocurrency exchanges, shutting down 130 operations suspected of laundering criminal proceeds. This crackdown has led to the seizure of crypto assets worth approximately $16.7 million. 

However, Sholpankulov noted that around $15 billion in cryptocurrency has reportedly exited the country due to regulatory gaps surrounding digital assets.

At the time of writing, Bitcoin (BTC) was trading at $100,820, marking a notable 9% decline over the past week. This puts the leading cryptocurrency 20% below its all-time high of $126,000, which was reached in early October of this year. 

Featured image from DALL-E, chart from TradingView.com 

Japan’s three largest banking groups have received the greenlight from the FSA for a stablecoin issuance and cross-border payments project.

Mitsubishi UFJ, Mizuho, & Sumitomo Mitsui To Jointly Issue Stablecoins

As announced in a press release by MUFG bank, its banking group, along with two other major financial institutions, has just received approval from Japan’s Financial Services Agency (FSA) on a stablecoins proof-of-concept.

According to the press release, the banks’ project will involve joint stablecoin issuance and advanced cross-border payments, with both set to receive support from the FSA. Digital asset platform Progmat, founded by Mitsubishi UFJ, will provide the infrastructure and technological support for the proof-of-concept. “The three banks considering joint issuance will define requirements and establish evaluation criteria to build a concrete structure,” said MUFG.

A stablecoin is a cryptocurrency that has its price pegged to a fiat currency. Currently, the most popular assets of this type are tied to the US dollar (USD). The three big banks are expected to issue a stablecoin backed by the Japanese yen (JPY).

Last month, Japanese startup JPYC launched the nation’s first yen-based stablecoin, as reported by Bitcoinist. The token, called “JPYC,” is backed by domestic deposits and Japanese government bonds. For now, the company is offering 0% fees on issuance and redemption of JPYC to promote adoption.

MUFG’s press release noted that blockchain-based payments and use of tokenized deposits and stablecoins are being explored both domestically and overseas. So this proof-of-concept from the banks will serve as a testing ground to accumulate practical knowledge related to joint stablecoin issuance.

Elsewhere in Asia, Hong Kong approved its legislature on these fiat-tied tokens earlier this year, and big names like Standard Chartered in its joint venture are on the waiting list for an issuer license.

The first batch of approvals was earlier expected to drop next year, but a recent Financial Times report has revealed that mainland regulators have urged applicants to pause their plans, due to concerns about the growth of currencies controlled by the private sector.

Over in Europe, a consortium of big banks has come together to launch a euro stablecoin in the second half of 2026. Initially, the consortium included nine European banks, but later a tenth financial institution in the American Citigroup joined the effort.

The euro-pegged token, which aims to be fully compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCAR), seeks to provide a real alternative to the USD-heavy stablecoin market.

Bitcoin Price

Bitcoin has been facing bearish pressure recently, which has taken its price to the $100,000 level, down over 8% on the weekly timeframe.

Earlier in the week, Bitcoin saw a recovery surge above $104,000. This rally interestingly occurred alongside notable stablecoin exchange inflows, as pointed out by an analyst in a CryptoQuant Quicktake post. It’s possible that investors made these deposits to convert their stables for BTC and other volatile assets, but considering the latest price trend, the buying pressure didn’t last.

A public research center in Tenerife is preparing to sell a stash of Bitcoin it bought more than a decade ago — a holding that has grown from a modest experiment into a multi-million dollar pot.

Reports say the Institute of Technology and Renewable Energies (ITER), tied to the Tenerife Island Council, purchased 97 BTC in 2012 for about €10,000. The coins are now worth over $10 million at current prices.

Preparing To Liquidate A Long-Held Holding

ITER did not buy the Bitcoin as a bet on prices. According to local reporting, the purchase was part of a project to study blockchain and related systems. Now, after years of rising values, council officials are in talks with a regulated Spanish financial institution to move the assets into cash in line with Bank of Spain and CNMV rules.

The sale process faces hurdles. Banks and brokers often demand detailed compliance paperwork for big crypto transactions. That means the operation will be carried out through official channels rather than on a retail exchange. Some sources note ITER has been trying for years to sort legal and administrative steps around the holdings.

Funds Pledged To Research Projects

Based on reports, the money raised from the sale will be used to fund new research at the institute. ITER plans to put the proceeds toward projects including quantum technology and other scientific work that it says will benefit the island and regional development. Officials have framed the plan as a way to turn an old experiment into a public resource for research.

How Big Is The Gain?

The numbers are stark. Buying 97 Bitcoin for roughly €10,000 in 2012 and selling them now at market levels would mean a return measured in the thousands of percent. Exact figures will depend on the final sale price and exchange rates used on the day the coins move. Tax and legal costs could also affect the net amount the institute receives.

What Officials Have Said

Council members and ITER representatives have given short statements to local press about the plan, noting that the original purpose was research rather than investment. Reports indicate officials are coordinating with legal and financial advisers to make sure the disposal meets Spanish rules around public funds and asset sales. The aim is to avoid any misstep that might delay the cashing-out.

Featured image from Unsplash, chart from TradingView